Bitwise Expands ETF Lineup with Aptos Filing

Bitwise, a prominent crypto asset manager, has taken a significant step towards expanding its exchange-traded fund (ETF) lineup by filing an S-1 for a spot in aptos ETF. This move follows the launch of an Aptos-linked trust, indicating the company's growing interest in alternative cryptocurrencies. Unlike previous filings, Aptos has a lower market capitalization, suggesting a strategic shift in Bitwise's investment strategy. Aptos, known for its fast transactions and increasing total value locked, continues to gain traction in the blockchain space despite ongoing market challenges.

Bitwise has registered an S-1 statement to list a spot for Aptos ETF, as announced by the official Aptos X account. This development was hinted at days earlier when bitwise established a trust linked to Aptos. coinbase Custody is listed as the spot Aptos ETF, and Bitwise did not register for stacking the proof-of-stake Aptos. The filing does not specify the exchange on which the Aptos ETF will be listed, nor does it suggest a fee or a ticker for this ETF.

This Aptos ETF filing is part of a broader trend in altcoin ETF requests. It is now in a queue to be accepted by the securities regulator. This ETF filing marks the latest in Bitwise’s attempts to add to its Bitcoin (BTC) and Ethereum (ETH) ETF arsenal. Previously, Bitwise had also registered ETF requests for Solana (SOL), Ripple (XRP), and Dogecoin (DOGE). For the Securities and Exchange Commission (SEC) to recognize this Aptos ETF request, Bitwise also needs to fill out a 19b-4 form. After doing so, a 240-day timeline starts for the SEC to consider approving this registration.

The Aptos ETF filing represents a change in Bitwise's crypto investment strategy. Unlike its previous ETF filings, which focused on high-market capitalization tokens, Aptos ranks 36th in this list. As a relatively new coin, Aptos was founded in 2021 and has a market capitalization of $3.8 billion. Developed by two former Facebook employees, Mo Shaikh and Avery Ching, Aptos emerged as a potential competitor to Solana.